How Much Did Vinyl LPs Cost in 1970?
In 1970, the average price of a vinyl long-playing (LP) record hovered around 5.00 to 7.00 dollars. The exact cost varied depending on several factors, including the album's popularity, the artist's fame, and the record label. For buyers in the U.K., the value of 48 shillings pre-decimal currency is roughly equivalent to ￡2.40 in U.K. decimal currency. Adjusted for inflation, this contemporary value would be approximately 35 to 50 dollars in today's economy.
Prices During the Decade
Reflecting on my own experience, I recall paying around 1.99 to 3.99 dollars in 1970. The cutout bin at retail stores often offered albums for as low as 0.99 dollars, which significantly reduced costs. One memorable instance was purchasing my first Aerosmith album at 0.99 dollars. Aerosmith, however, took a year to gain national recognition, as their album 'Dream On' became ubiquitous on the radio sometime after its release. By the end of the 1970s, the average price of an LP had risen to 5.99 to 7.99 dollars.
International Perspectives on LP Pricing
From a U.K. perspective, the first LP I bought was in 1964 by the Rolling Stones, which cost 32 shillings and six pence in pre-decimal currency. In the U.K., the price of a vinyl LP in 1970 was approximately 48 shillings, equivalent to ￡2.40 in decimal currency.
Record Retail Prices in the 1970s
During the early 1970s, the retail prices of LPs saw an increase. At Record City in Skokie, Illinois, where I shopped, the typical cost was 3.39 dollars per LP or 3 for 10.00. By 1974, due to increased list prices, the cost of a Queen LP was 5.00 dollars, a one-dollar hike compared to previous years. Record City, owned by Chicago Disc Jockey Jim Stagg, adjusted their price to 3.99 dollars for an LP. As the transition to CDs began in the late 1980s, prices would continue to fluctuate, but the vinyl LP era was still thriving in the 1970s.
Personal Anecdote: A 1972 Purchase
Though this anecdote takes place in early 1972, it illustrates the appeal and affordability of LPs. Recalling a visit to a record shop, I discovered Elton John's 'Tumbleweed Connection.' This album, released by Elton and Bernie Taupin, has remained in my top ten LPs to this day due to its consistent quality. Impulsively, I purchased the album for 2.84 dollars, a clear example of the value of consumer power during a vibrant era of music.